Membership of DICGC
Bank is member of Deposit Insurance and Credit Guarantee Corporation and it’s code No./Registration number is 43617/MH402. Bank cannot cancel its membership of DICGC and hence protection of Deposit insurance remains perpetual.

Secured Amount
Protection of deposit insurance is guaranteed for the amount up to ₨1.00 lakh inclusive of amount of interest per person. Every Bank who is member of DICGC can give guarantee of the above amount to its depositors. Deposits kept in-one bank in all schemes together of one person or his firm cumulative up to ₨1.00 lakh is protected. For example- Shri Pandit has invested the following amount in different deposit schemes of Youth Bank

Saving A/c

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₨ 20,000/-

Current A/c

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₨ 40,000/-

Recurring Deposit

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₨ 12,000/-

Fixed Deposit

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₨ 50,000/-

Total

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₨ 1,22,000/-

Out of above total amount of ₨ 1,22,000/- , ₨ 1.00 lakh is only protected.

If one person is having his joint A/c with many persons in a bank or by clubbing together such deposits from it’s various branches and having same serial of names in series, the amount together up to ₨ 1.00 Lakh will only be protected.
But, if one person has joint A/c with many persons in bank or by clubbing together such deposits from it’s various branches and having different serial of names in series then each such deposit account will be protected up to ₨ 1.00 lakh. For example – A, B, C are three different persons and are having their four different joint deposit accounts as ‘ABC’ , ‘CBA’ , ‘CAB’ and ‘ACB’ . In that case, each deposit account is independently insured up to ₨ 1.00 lakh. Thus all the four accounts will get the benefit up to ₨ 1.00 lakh.
Premium of insurance is paid by Bank and hence there is no burden of premium expenditure on depositors.